Life changes – and your insurance cover might need to change with it. Use our tools to work out the right cover for your circumstances and needs, adjust your cover or update key information.
Insurance can help protect you against the unexpected. But as insurance premiums are deducted from your super balance (reducing your retirement savings), it’s important to carefully assess your cover to make sure it suits your financial situation and needs.
Understanding the type of insurance cover and the amount you have is important.
Depending on your eligibility, you may receive automatic default Death and TPD insurance if you’re aged 25 years or older and have at least $6,000 in your Hostplus account. However, you should consider your own circumstances and decide whether the default level of cover is right for you.
If you’re eligible, changing your occupation rating or applying for the parental leave premium waiver are simple ways you could save money on your insurance.
The level and type of insurance you need will depend on your individual circumstances. You should determine the right level of cover to suit your needs and budget.
Once you’ve reviewed your insurance, you can use our insurance calculator to understand what insurance cover might be right for you.
Find out how much cover you need.
Big life changes, such as a new baby, getting married or a different financial situation might mean you need to change your level of insurance. Log in to Member Online to apply to increase, decrease or cancel your cover.
If you apply within 6 months of specified life events, you may qualify for increased cover with limited health questions. Learn about specific life events insurance in the Product Disclosure Statement.
Every occupation receives an ‘occupational rating’. This reflects how dangerous a job is and affects how much you pay for your insurance – for example, if you have a Professional rating, you’ll typically pay lower premiums than if you had a Heavy Blue collar rating. It’s a good idea to check your occupational rating in Member Online, as you may be eligible for a lower-risk rating – which in turn may reduce your premiums.
If you’ve already got insurance cover with another super fund or insurance provider, you can apply to transfer it to Hostplus.
New members generally only receive default Death and TPD cover once they have an account balance of at least $6,000, are aged 25 years or older and have received contributions in the last 16 months. However, if it suits your circumstances, you may be able to opt in to default cover before you meet these criteria. Log in to Member Online for more.
If you’ve previously cancelled your cover or weren’t eligible to receive default cover, you may not be insured. If insurance is now right for your situation, head to Member Online to apply (and remember that you might need to provide health information as part of your application).
Who gets your money if you pass away? By nominating a beneficiary, you can make sure your super and insurance benefits go to the right person.
If your insurance is no longer right for your situation, you can cancel at any time.